South Korea starts to crack down on ‘Play to Earn’ crypto games

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As the crypto bubble continues to expand, the technology has started to make its way into video games. From Ubisoft's NFTs to play-to-earn metaverse games like Sandbox or Decentraland, cryptocurrency is becoming ever-more involved in games. And South Korea is sick of it.

Reported by Gizmodo, the South Korean government is starting to take on crypto games. Specifically, any video game that requires users to Play and Earn cryptocurrency — like a job — will be cracked down in the country.

South Korea vs crypto games

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The South Korean Game Management Committee is hoping to implement new rules regarding Play to Earn crypto games. In most crypto games, such as CryptoGuards, players are required to spend real money to use items such as weapons required to play. However, those who spend money on items may be able to earn some of their money back.

Currently, South Korea has limits on virtual assets that can be earned by players. Any in-game rewards that are worth more than SKW 10,000 — approximately $8.40 — are classified as prizes in the country.  This means that Play to Earn games can be classed as a form of gambling.

The Game Management Committee has called for Apple and Google to ban crypto games from their respective app stores. After the country required both companies to give developers access to alternative payment methods, the floodgates opened for crypto titles.

Play to Earn crypto games are becoming very popular within the Korean region. As the metaverse hype gains traction, countless developers are attempting to create their own Metaverses. Some of these, like Sandbox, are becoming popular enough to attract celebrities like Snoop Dogg. However, most of them are dead on arrival.

Read More: Ugly NFT Yacht sells for over $650,000

The Rise of Crypto Gaming

While crypto games are becoming more popular within the current crypto community, the gaming community isn't really interested. After more than a decade of microtransactions, lootboxes, battle passes and other monetisation methods, gamers aren't keen to allow another predatory monetisation into games.

One of the highest profile gaming crypto schemes lies with Ubisoft Quartz. After a massive backlash to the crypto-gaming service, Ubisoft has sold a miniscule amount of assets. It just goes to show that gamers will not accept another predatory service to pollute gaming.